18 Jun 2015
ALLIANZ MARINE SERVICES LLC v. THE OWNERS OF THE SHIP OR VESSEL “ALMOJIL 61”
- Citation
- ALLIANZ MARINE SERVICES LLC v. THE OWNERS OF THE SHIP OR VESSEL “ALMOJIL 61”
- Court
- Court of Appeal
- Case number
- CACV215/2014
The contract, read as a whole and having regard to its substance and parties' conduct, created a loan repayable out of sale proceeds rather than a part beneficial ownership; therefore MMG remained beneficial owner of all shares for the purposes of section 12B(4)(ii) and the in rem arrests and sale were lawful; AMIL's appeals fail.